Sales increasing in line with increased export activity and stronger domestic demand from low levels

Innovation initiatives and efforts to optimise costs continue

Heracles GCCo Group of Companies (Group) announced today sales of 123.4 million Euros in the first semester of 2014, increasing by 9.3% compared to 112.9 million Euros in the same period of 2013. Sales of the Company were at 110.4 million Euros, increasing by 8.0% compared to 102.2 million Euros in the first semester of 2013.

The Group's earnings before taxes, interest, depreciation and amortisation (EBITDA) was a loss of 4.1 million Euros in the first semester of 2014 compared to a loss of 118.5 million Euros in the first semester of 2013. The Company's EBITDA was a loss of 0.085 million Euros in the first semester of 2014 compared to a loss of 115.2 million Euros in first semester last year. 

The Group presented in the first semester of 2014 net losses after taxes of 17.5 million Euros, compared to 108.8 million Euros losses after taxes in the same period 2013. In the first semester of 2014, the Company presented net losses after taxes of 10.5 million Euros compared to 102.5 million Euros losses after taxes in 2013.

The increase of the turnover in the first semester of 2014, compared to the corresponding period of 2013, is attributed to the increase of export activity as well as domestic sales. After five years of continuing recession in the domestic market, sales were positively affected by the increased construction activity in public and co-financed infrastructure and mainly the major road projects. As per the private construction activity, it remained at low levels in the first semester of 2014.

In addition, the Group and the Company continued in the first semester of 2014 implementing measures to reduce operating costs and optimize performance in production, supply chain and administration activities, contributing to the improvement of the gross results of the Group and the Company.

At the same time efforts to explore opportunities for offering innovative products and solutions both in domestic and international markets have intensified. In the first semester of 2014 the Company presented in the market the new enhanced reactivity cement series HeraclesTM Ενισχυμένο and BasisTM Ενισχυμένο, implementing for the first time in Greece the innovative technology of separate grinding in the cement production.

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